Saudi Fund for Development reschedules Jordan’s $114 million debt

Updated 18 December 2018
0

Saudi Fund for Development reschedules Jordan’s $114 million debt

  • Another agreement was signed that will enable the Jordanian government to spend money directly on development projects financed by a Saudi Arabian grant

JEDDAH: The Saudi Fund for Development and the Jordanian government signed a deal on Monday to reschedule the repayment of $114 million Jordan owes to the fund. The debt includes 19 loans which will now be settled over 20 years, with a grace period of five years.
The Saudi Press Agency reported that the agreement was signed by Jordan’s Finance Minister Ezzedin Kanakriyah and SFD Deputy Chairman and Managing Director Khalid bin Sulaiman Al-Khudairy. It aims to help Jordan reduce its overall public debt.
Also present at the signing ceremony were Prince Khaled bin Faisal bin Turki, Saudi Arabia’s ambassador to Jordan, Jordan’s Minister of Planning and International Cooperation Mary Kawar, and Jordanian Central Bank Governor Ziad Fariz.
Another agreement was signed that will enable the Jordanian government to spend money directly on development projects financed by a Saudi Arabian grant, as part of a Gulf grant to Jordan through an account with the Central Bank of Jordan. This agreement aims to provide liquidity as quickly as possible and avoid the challenges associated with financial ceilings in the Jordanian general budget.
Jordan thanked Saudi Arabia for its contribution to this Gulf grant, which is worth $1.25 billion for strategic and high-priority projects. In addition to this, Saudi Arabia has contributed to a package of aid to Jordan within the framework of the Makkah Summit, as well as supporting the Jordanian government’s development efforts to ease the burden of hosting refugees through a grant of $100 million.
Prince Khaled highlighted the long-standing ties between the two countries and said that the Kingdom will continue to stand by Jordan and help support its economy. Kawar praised the strong bilateral ties between Jordan and the Kingdom, the foundations of which were laid by Saudi King Salman and Jordanian King Abdullah II.
The Jordanian side expressed its thanks and appreciation to Saudi Arabia, its leadership, government and people, for their continued support.


Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

Updated 22 January 2019
0

Saudi Aramco recognized as a leader in the Fourth Industrial Revolution

JEDDAH: Saudi Aramco’s Uthmaniyah Gas Plant (UGP) has been recognized by the World Economic Forum (WEF) as a “Lighthouse” manufacturing facility and a leader in technology applications of the Fourth Industrial Revolution. 
Saudi Aramco is the first energy company globally to be included in this select group of manufacturing sites. The plant is also the only facility in the Middle East to be recognized by WEF. 
The announcement was made ahead of WEFs annual meeting in Davos, Switzerland.
The gas plant is one of the world’s largest gas processing plants and was commissioned in 1981 as part of Saudi Aramco’s Master Gas System to process associated gas from oil wells. 
The use of drones and wearable technologies to inspect pipelines and machinery has helped cut inspection time by 90% in this industrial facility.
“The recognition of the Uthmaniyah Gas Plant demonstrates Saudi Aramco’s shift to transform and adapt in the rapidly changing global energy landscape. Uthmaniyah is only one part of our large integrated energy value chain where IR 4.0 technologies are playing a critical role to enable significant capital and operational efficiencies,” said Amin H. Nasser, Chief Executive Officer of Saudi Aramco.
The seven new facilities join nine other “Manufacturing Lighthouses” which WEF unveiled in September 2018. The 16 factories were selected from an initial list of 1,000 manufacturers based on their successful implementation of cutting-edge technologies of the future that drive financial and operational impact.
The “Lighthouse” program was conducted by WEF in collaboration with McKinsey during a year-long study. A study team visited UGP in Saudi Arabia and performed a thorough audit.